JP Morgan and Barclays are marketing $1.2 billion of commercial mortgage backed securities via the conduit JPMBB 2014-C25.
Moody’s Investors Service, Fitch Ratings and DBRS have been hired to rate the deal. The trust will sell approximately $744 million of super-senior, Aaa’/’AAA’/ AAA’ rated notes with 30% credit enhancement and $90 million of Aa1’/ AAA’/ AAA’ rated notes with 22.375% credit enhancement.
A pool of 65 commercial mortgage loans secured by 157 properties backs the deal. Office properties represent the highest concentration of the pool at 39.9% and retail properties represent 26.7% of the pool.
Fitch noted in the presale report that the pool’s weighted average LTV at 103.7%, is slightly better than the first-half 2014 averages of 105.6%.
Seven loans in the pool pay only interest for their entire loan term and 31 loans pay only interest for some of their terms. The pool will amortize by 10.6%, which is less than other recent transactions, according to Fitch.
JP Morgan Chase Bank, Ladder Capital Finance, Barclays Bank, Starwood Mortgage Funding Redwood Commercial Mortgage and Column Financial are listed as the loan sellers.